It’s not just about innovation related to products and services. Innovation that grows your business needs to be more comprehensive than that. It’s also about new markets, new customers, new ways of doing things, new efficiencies, new business models, new ways to attract talent, strategic acquisitions… new value creation.
Innovation is not the same as a new, creative idea. Unless new ideas reach a market and create value, there’s no innovation. Innovation is the process of getting ideas to market that create new value. This includes all kinds of innovation: new products or services, marketing, operational efficiencies, technology, automation, a new strategy that produces growth, and scores of other categories. It's also based on the understanding innovation can serve external buyers and markets or it can serve "markets" internal to the company such as an efficiency or productivity benefit that is realized from a new way of doing things.
Regardless of the type that's being created, all value creation –innovation– follows the same basic pathway. It starts with strategy and ends with the creation of new value provided to a market. While there's often a lot of technical jargon used to describe the different stages of innovation, it boils down to this:
The challenge is to perform each stage effectively and efficiently, learn and adapt quickly, and manage risk along the way. We provide services at each stage to set your business up for growth through innovation and give your team the capabilities to keep it going. Some of the services include:
We have decades of experience in every stage of i2m® and can quickly help you get on the path to growth through innovation. We don't consult. We enable. Contact us to see how we can help.